German newspaper article is skeptical, but who cares?


12:15a ET Sunday, May 20, 2001

Dear Friend of GATA and Gold:

There's an encouraging note in the following Reuters
story about the election of AngloGold CEO Bobby
Godsell as president of the World Gold Council: some
recognition that gold is money, not just jewelry, and
that developing nations need a currency alternative
to the U.S. dollar. This just may be something for
us to build on with the WGC, which lately has shown
no such recognition.

Despite some differences with GATA, Godsell has always
given us the time of day and even some much-appreciated
support, so we wish him the best at the WGC and hope
for a continued dialogue with him in pursuit of the
gold cause.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

AngloGold's Godsell new World Gold Council chairman

LONDON, May 18 (Reuters) -- Bobby Godsell, chairman
and chief executive of the world's No. 1 gold mining
company, AngloGold, was on Friday appointed chairman
of the World Gold Council.

At the WGC's annual meeting, members voted to appoint
Godsell chairman in place of outgoing chairman John
Willson of Canadian producer Placer Dome.

The WGC is an association of gold mining companies
worldwide devoted to the promotion of gold. It is funded
by its members, who make annual contributions
proportionate to their output and this year doubled its
budget to $55 million.

Godsell, 48, assumed his position at AngloGold's helm in
December last year and has been with the South African
miner for 26 years.

He has often said the bullion mining industry must
modernise to lure back investors and this is a primary
goal of the WGC.

"The industry is going through very tough times. It is
surrounded by negative perceptions -- from investors and
its own community," he told Reuters.

"The WGC has made a huge difference to the marketing
of gold, especially in Asia and India.... I'm keen to
bring the energy and trends around gold that you find
in the East over to the West," he added.

Godsell said one of his specific goals during the
two-year term as chairman would be to continue a
dialogue with international organisations such as the
International Monetary Fund to encourage them to
allow countries to pay back debts in gold.

"At the moment, the universal currency is the U.S.
dollar, but that seems unfair because none of these
countries makes U.S. dollars but they all make gold,"
he said. "I'm not calling for a return to the gold
standard, but I'm saying gold does have a role to
play as a store of value."

Gold's price has been falling for the past 20 years
and in Friday afternoon trade was quoted around $273
a troy ounce in Europe.

South Africa's AngloGold, which has annual output of
seven million ounces, has made acquisitions in the rest
of Africa, Australia, and the Americas, and Godsell has
said the company would "participate vigorously" in a
global industry consolidation.